DeVry Chicago ACCT 346 Midterm Quiz with 100% Correct Answers

1. Question : (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for Student Answer: taxing authorities.internal users of accounting information.external users of accounting information.the Securities and Exchange Commission (SEC).2. Question : (TCO 1) Which of the following costs does not change when the level of business activity changes?Student Answer: total fixed coststotal variable coststotal direct materials costsfixed costs per unit3. Question : (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation?Student Answer: the trip to Cancun that you will not be able to take if you buy the car the cost of the car you are trading inthe cost of your books for this termthe cost of your car insurance last year4. Question : (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit?Student Answer: $1.06$1.44$4.49$1.945. Question : (TCO 1) Which of the following costs is not part of manufacturing overhead?Student Answer: electricity for the factorydepreciation of factory equipmentsalaries for the production supervisorshealth insurance for sales staff6. Question : (TCO 1) Product costsStudent Answer: are also called manufacturing costs.are considered an asset until the finished goods are sold.become an expense when the goods are sold.All of the above answers are correct.7. Question : (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured?Student Answer: $145,000$115,000$125,000$135,0008. Question : (TCO 2) BCS Company applies manufacturing overhead based on direct labor cost. Information concerning manufacturing overhead and labor for August follows:Estimated ActualOverhead cost $174,000 $171,000Direct labor hours 5,800 5,900Direct labor cost $87,000 $89,975How much is the predetermined overhead rate? Student Answer: 2.001.9030.001.939. Question : (TCO 2) During 2011, Madison Company applied overhead using a job-order costing system at a rate of $12 per direct labor hours. Estimated direct labor hours for the year were 150,000, and estimated overhead for the year was $1,800,000. Actual direct labor hours for 2011 were 140,000 and actual overhead was $1,670,000.What is the amount of under or over applied overhead for the year?Student Answer: $10,000 underapplied$10,000 overapplied$130,000 underapplied$130,000 overapplied10. Question : (TCO 3) Which of the following describes the differences between job-order and process costing?Student Answer: Job-order costing is used in financial accounting while process costing is used in managerial accounting. Job-order costing can only be used by manufacturers; service enterprises must use process costing. Job-order costing is voluntary while process costing is mandatory. Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the period. 11. Question : (TCO 3) The Blending Department began the period with 45,000 units. During the period the department received another 30,000 units from the prior department and completed 60,000 units during the period. The remaining units were 75% complete. How much are equivalent units in The Blending Department’s work in process inventory at the end of the period?Student Answer: 30,00022,50015,00011,25012. Question : (TCO 3) Ranger Glass Company manufactures glass for French doors. At the start of May, 2,000 units were in-process. During May, 11,000 units were completed and 3,000 units were in process at the end of May. These in-process units were 90% complete with respect to material and 50% complete with respect to conversion costs. Other information is as follows:Work in process, May 1: Direct material $36,000Conversion costs $45,000Costs incurred during May: Direct material $186,000Conversion costs $255,000How much is the cost per equivalent unit for direct materials?Student Answer: $24.00$16.20$15.86$13.5813. Question : (TCO 4) Total costs were $75,800 when 30,000 units were produced and $95,800 when 40,000 units were produced. Use the high-low method to find the estimated total costs for a production leDeVry Chicago ACCT 346 Midterm Quiz with 100% Correct Answersvel of 32,000 units.Student Answer: $80,115$76,000$79,800$91,800

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